• Telecom Egypt has entered into a memorandum of understanding (MoU) with Hungarian IT solutions provider,  4iG Grouo to establish a joint venture (JV) to build a modern fibre network to give six million households access to a high-speed network. 

• The project, which will receive $600 million in investments over the next decade, aims to build, operate, and market fibre-optic infrastructure for wholesale purposes in Egypt, providing high-speed internet connections directly to homes (FTTH) and businesses (FTTS).

• The MoU was signed on the sidelines of the Egypt-EU Investment Conference held between June 29 and 30 in Cairo.

The two companies will finalise on the business model, ownership structure, governance processes, and technological details of the joint venture in coming months. 

This partnership aligns with Telecom Egypt's initiative to develop FTTH networks in various areas as part of the "Digital Egypt" strategy, in line with Egypt's Vision 2030. The connection of mobile sites with fibre infrastructure will also improve mobile networks to address increasing demands and enable massive 5G deployments.

In January, 2024, Telecom Egypt became the first telco in Egypt to secure a 5G licence after being granted a 15-year licence for $150 million by the National Telecommunications Regulatory Authority (NTRA).

Mohamed Nasr, Managing Director and CEO of Telecom Egypt, expressed that this agreement will accelerate Egypt's digital transformation on the heels of the “future-ready network that will ramp-up 5G and many other next generation services such as IoT and enterprise networks.” 

Furthermore, Gellért Jászai, Chairman of 4iG Group, acknowledged that this development will enable the group to promote its expertise globally aligning with its long-term business strategy. 

Jászai added that the partnership aims to facilitate jobs creation, building of a skilled workforce that supports local enterprises, and improve the quality of life for Egyptians. He also said it will enable job creation, development of a skilled workforce to support local businesses, and improve the quality of life of the Egyptians.

In February 2024, the companies agreed to collaborate on building a direct subsea cable linking Albania to Egypt. The cable aims to establish a high capacity connection from Africa and Asia with Europe.

Meanwhile, the Information Technology Industry Development Agency (ITIDA) signed a memorandum of understanding (MoU) with Telecom Egypt and Nokia at the investment conference. The partnership is aimed towards expanding Nokia's operations in Egypt and enhancing its capabilities in innovation and export services.